Freddie Mac-No Politics (FMCC)

[Hole shot King]

Sallie Mae to split into two publicly-traded companies, names Jack Remondi CEO.

* Split expected to be completed in 12 months

* John Remondi to be CEO of education loan business

* Names Joseph DePaulo to lead consumer banking co

May 29 (Reuters) - Student loan provider Sallie Mae Corp said it would split the company into two publicly traded entities and named John Remondi as its chief executive officer.

Sallie Mae, the largest U.S. student lender, said it would separate its consumer banking business from the larger education loan management business as part of a plan to unlock value and enhance long-term growth potential.

The company, which trades under the formal name of SLM Corp, said the split will be undertaken through a tax-free distribution of common stock to its shareholders.

It added that the details of the planned separation, including the precise allocation of assets between the two companies, remain under consideration at this time.

Sallie Mae said Remondi replaces Albert Lord, who is moving up his plans to retire from the board and executive management, while Joseph DePaulo will lead the consumer banking business.

The split is expected to be completed in the next 12 months, Sallie Mae said.

http://www.reuters.com/article/2013/05/29/salliemae-ceo-idUSL3N0EA2O720130529